SIMPLE WAYS TO SAVE FOR YOUR FIRST CAR
Passing your driving test is a rite of passage for young adults, and it really is the start of a more grown up, independent lifestyle. No waiting around on lifts from other people or on unreliable public transport. You can go where you want, when you want. It’s an incredible opportunity and can improve your job prospects, your social life and so much more.
However, it doesn’t come cheap, and initially getting out onto the roads is one of the most expensive things you will do in your adult life. Here’s how you can make those costs more bearable.
Save While You Learn
Driving lessons, theory tests and driving tests are all pricey and can definitely add up. However, learning to drive isn’t a quick process, and most people will be taking lessons for the best part of a year, meaning the costs will be spread out. This gives you time to save for a car while you learn, so when you eventually pass you have money set aside and ready to go.
You don’t need a massively expensive car for your first vehicle. Instead, find something that’s as cheap as possible on insurance and economical to run. Find out how much this kind of car is likely to cost and then come up with a savings plan so you can save a little each week or month.
Don’t Overlook Added Costs
As well as the cost of the vehicle itself, there are also some other significant costs to consider when it comes to getting onto the roads. As a new driver, your insurance is never going to be cheap but it might surprise you just how expensive it actually can be. Run lots of quotes for different cars through a price comparison site so you can be prepared. Car tax is another cost, as well as your fuel and any repairs. These can all be add up and shouldn’t be overlooked.
Consider Finance and Leasing Options
If you’ve found that insurance and other costs are going to be extremely high, one thing you can do is consider renting or leasing a car instead. You can find out more about this process on a site like All Car Leasing. This allows you to pay a little each month and afford a better car than you would if you saved yourself. Also, newer cars are often less to insure. Plus you can use the money you’ve saved for insurance and other costs.
When you lease a car, you don’t usually pay repair costs (if you haven’t caused the damage yourself) so you have peace of mind that if something goes wrong, you’re not stuck with a huge bill you can’t pay.
It’s a good idea to have as much money saved as possible, and also to know what kind of prices you’re likely to pay when the time comes. Do lots of research and that way you can be prepared and won’t have to spend months or years saving for a car once you’ve passed your driving test.
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